The following data pertain to StarFish Corp. for the year ended December 31, 2023: 

Beginning inventory $188,200 

Purchases on credit during the year 400,500 

Cost of goods sold during the year 500,600 

Sales (70% on credit) during the year 755,400 

Required 

Prepare entries to record the purchase of inventory, cost of goods sold, and sales during 2023 using the perpetual inventory system. 

Compute the balance in the inventory account on December 31, 2023.

Answer rating: 100% (QA)

To record the purchase of inventory cost of goods sold and sales during 2023 using the perpetual inv... View the full answer